BTC gradually is coming to the target that we've specified last week. In fact here we have two major AB-CD's but their targets stand relatively close to each other. Top AB-CD (red letters) has OP target around 8.3K area, slightly below major 5/8 Fib support, while another AB-CD pattern has OP target precisely at the level.
This level is very important, because it will act like a test. If BTC indeed stands in bullish mode, and Xi rally is real upside reversal - price should not erase this rally. Thus, breakout of 8.3K area and drop back to 7.2K lows could put bullish perspective under question and open road to 2K major target on weekly chart. But this is long-term story...
So, what we could do in short term. If you have bullish view and search chance to go long - this 8.3-8.5K area is the one that you could consider. But you have to control two things. First is - you have to avoid long entry if nasty black candle will be formed, and this level will be broken by some fast action. Second - once you take long position, move stop to breaven as soon as possible. Because this is "test" level and we do not know what will happen. It might be just technical respect of support, but not upside rally continuation. Here I also draw a butterfly, just as example of bullish reversal pattern that you could use for entry. It is not the fact, of course, that precisely butterfly will be formed here... but it could...
For bears - wait for breakout of this level down. Now it is not time yet to act.